News

Bloomberg BMW AG’s needs for car-battery raw materials such as cobalt and lithium will surge 10-fold by the middle of the next decade, pushing the German carmaker increasingly to forge long-term deals as shortages loom. Purchase contracts with five- to 10-year time frames are close to being completed, the manufacturer’s head of procurement told reporters in Munich. Concerns about supply ...

Bloomberg China wants to deepen financial and investment links with the UK as Britain seeks to boost two-way trade once it leaves the European Union. Vice Premier Ma Kai said both countries should also push cooperation to a new level in areas including nuclear-power generation, manufacturing, high-speed rail, high-end manufacturing, and trade and investment liberalisation. “The United Kingdom has obvious ...

Bloomberg Fresh details of Uber Technologies Inc.’s alleged surveillance tactics and in particular its scraping of competitors’ information from the internet were revealed in a court filing. Prosecutors involved in a criminal investigation of Uber learned of the tactics from a former manager of the company’s global intelligence unit who had documented them in a letter to an in-house lawyer ...

ABU DHABI / Reuters The United Arab Emirates is working with Saudi Arabia’s central bank to issue a digital currency that would be accepted in cross-border transactions between the two countries, UAE central bank governor Mubarak Rashed Al Mansouri said on Wednesday. The digital currency would be based on blockchain, the shared ledger of transactions that is maintained by a ...

DUBAI / Reuters The non-oil part of the United Arab Emirates economy is expected to grow as much as 3 percent this year, accelerating from 2.7 percent last year, the central bank said. “The recent improvement in oil prices has shed a positive sentiment on the economic activity in the non-oil sector and boosted economic confidence,” it said in a ...

ABU DHABI / WAM Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) successfully listed its shares on the Abu Dhabi Securities Exchange (ADX) on Wednesday following a bell ringing ceremony led by Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO and Hamad Al Shamsi, Chairman of the ADX. ADNOC Distribution is currently traded ...

LONDON / WAM UAE-based oil services company Petrofac announced on Wednesday the winning of a $160 million contract from the Basra Oil Company (BOC), formerly known as the South Oil Company, in southern Iraq. The contract, awarded to Petrofac’s Engineering and Production Services, EPS, division, is for BOC’s Iraq Crude Oil Export Expansion Project, ICOEEP. Petrofac has a five-year record ...

Riyadh / WAM The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud of Saudi Arabia, has discussed with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, strengthening brotherly and strategic relations between the two countries, and the overall regional and international issues ...

Dubai / WAM His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has stated that the UAE was one of the first countries in the region to take an interest in e-commerce as it started preparing technical and legislative framework, as well as the infrastructure to facilitate and support ...

Abu Dhabi / WAM The Federal Authority for Nuclear Regulation (FANR), will hold a three-day workshop this week for 35 participants representing all UAE customs agencies and General Authority of Ports Border and Free Zones Security. The workshop aims to train customs officials on safe and secure handling of radioactive sources and nuclear non-proliferation. This latest seminar concludes FANR’s 2017 ...